Analysis of business results & financial statements · Quý 2/2026
● Maintaining
Trailing net profit reached 4.7bn, rose 0.5bn compared with the same period last year. Key positives came from lower administrative expenses and higher financial income. Offsetting pressure came mainly from higher selling expenses, lower gross profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 16.71x
- P/B
- 0.90x
- EPS
- 790
- BVPS
- 14,597
- ROE
- 6.5%
- ROA
- 5.6%
- Market price
- 13,200 14 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q2 basis, MCC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Selling expenses
- Gross profit
- Tax
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.3 | 8.5 | 6.8 | 12.2 | 8.9 | 8.1 | 4.9 | 7.1 |
| LNST | 2.4 | 1.4 | 0.5 | 0.4 | 1.3 | 1.6 | 0.7 | 0.7 |
| Net margin | 17.11% | 16.52% | 6.75% | 3.14% | 14.25% | 19.46% | 15.15% | 9.17% |
Revenue
14bnNet income
2bnNet margin
17.11%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins narrowed but earnings quality remains clean — pressure is mainly operational.
Revenue Growth
▲Is growth real and durable?
Trailing-12-month revenue grew 44.5% year on year — but the quarterly pace is slowing (+72% → +61%).
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 42bn +44.5%
- Latest quarter YoY
- +61% slowing
What is driving the margin?
▼Net margin fell to 11.22%, losing 3.4pp. The main pressure is Gross margin fell 11.7pp, outweighing the improvement in SG&A / Revenue fell 6.6pp (with additional support from Net financial result / Revenue rose 1.1pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 11.22% −3.4pp
- Gross Margin
- 25.33% −11.7pp
- SG&A / Revenue
- 11.70% −6.6pp
TTM YoY · 2025Q2 -> 2026Q2
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 9.8bn against investing cash flow of -1.1bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +8.7bn. Financing cash flow was negative +3.6bn.
CFO / net income was 1,99 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
Earnings Quality
▲How much income is non-core?
About 97% of pre-tax profit comes from core operations.
Within that, net financial result at +2.8% of PBT.
- Non-core / PBT
- 2.8% low
- Net financial / PBT
- 2.8%
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 91.2 days versus the same period last year. The main moves came from DIO fell 106.3 days, DSO fell 16.3 days, and DPO fell 31.3 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE rose from 5.9% to 6.5% — mainly driven by asset turnover, despite net margin moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 9.8bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.10x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q2 -> 2026Q2
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.19x equity, with a net cash position equivalent to 0.10x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. Input costs are eating the margin: gross margin narrowed 11.7pp YoY to 25.33% (TTM). Margin flexing with the raw-material cycle is a group property — the next question is how much high-cost inventory remains.
Gross margin (TTM): 25.33% · YoY -11.7pp
Inventory 4.7bn — 5.27% of total assets, below the materials-group median (13.00%); ≈ 55 days of sales.
Inventory / assets: 5.27% (group median 13.00%)
Days inventory outstanding: 55
None
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.99x. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 3.4 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.99x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 11.22% after a 3.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Whether revenue sustains its +44,5% YoY pace or begins to slow.
Whether margins hold around the current 11.22% level or narrow again.
Whether operating cash flow holds its 9.8bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.